Home Inventory Levels in Palm Beach Gardens Climb Even Higher

Buyers Again Have More Options

Yesterday we published the latest pending home sales data in the north county region. For the second month in the row we are seeing positive signs the local real estate market is improving. One has to question if the slow down we experienced over the previous 8 or 9 month period had more to do with supply than demand. And more importantly the price level of that supply.

INVENTORY LEVELS

There is no doubt that sellers have been asking higher prices and getting them to some extent. The median prices on single family homes has been up for three straight months while condo prices have stagnated after larger gains over the past year. Growing inventory levels typically put downward pressure on prices especially when we have seen that level increase unabated for over 7 months. As of March 1st the available home inventory in Palm Beach Gardens and the neighboring communities increased another 2.5%. Buyers today have a larger selection of options than they have had in well over a year.

As prices have risen it allows more homeowners with improved home equity positions to make moves that have been on hold for years. They are asking higher prices to make that move possible without bringing money to the closing table and over the past few months buyers have been willing to pay higher prices. With interest rates falling again last week, for the 8th time in 9 weeks, the cost of money is also helping out with the total cost to own.

But price reductions are more and more prevalent and as inventory levels continue to climb one wonders if demand will remain strong enough to keep up. One thing is certain and that is we live in different times than our parents did. Always interesting, always fun.

Fins up…………….

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Published by

Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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